The Federal Reserve announced yesterday it will set a 0.20% minimum bid on its $150 billion 83-day term-auction facility credit selling today.
Results will be announced at 10 a.m., Eastern Standard Time, on Tuesday, with Friday as the settlement date. The loan matures March 26, 2009.
The Fed set a minimum bid amount of $5 million per bid, with a maximum of $15 billion per institution.
A combination of a "stronger-than-expected economy, higher Treasury rates, robust supply, and rich valuations resulting in choppy markets" have made the trading environment in H124 "quite difficult," according to Barclays.
Two rating agencies upgraded Los Angeles Unified School District's bond ahead of multi-billion dollar refunding.
The Basel III Endgame proposal to restructure capital holding levels comes under fire.
Friday price talk for the unrated tax-exempt paper was between 11% and 15%.
The board approved that step at its second quarter board meeting held this week.
The Inflation Reduction Act, affordable housing and clean energy were among the topics discussed at Baker Tilly's DevelUP conference in Chicago this week.
